Discounted Cash Flow (DCF) Analysis Unlevered

Wheeler Real Estate Investment Trus... (WHLRD)

$14.25

+0.55 (+4.01%)
All numbers are in Millions, Currency in USD
Stock DCF: -5,707.84 | 14.25 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 65.7163.166161.3176.6580.1483.7987.6091.5995.77
Revenue (%)
EBITDA 38.2537.3835.2534.9541.6745.9348.0250.2152.4954.88
EBITDA (%)
EBIT 11.8517.3218.4220.1424.2122.4523.4824.5425.6626.83
EBIT (%)
Depreciation 26.4020.0616.8314.8117.4623.4724.5425.6626.8328.05
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 3.545.457.6622.9028.4916.2016.9417.7118.5219.36
Total Cash (%)
Account Receivables 10.546.909.159.2313.5411.9712.5213.0913.6914.31
Account Receivables (%)
Inventories -8.9846.37-069.22027.6728.9330.2531.6333.07
Inventories (%)
Accounts Payable 12.089.5611.2311.0518.4015.0615.7416.4617.2117.99
Accounts Payable (%)
Capital Expenditure -5.57-2.71-2.27-6.41-8.51-6.10-6.38-6.67-6.97-7.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.25
Beta 1.751
Diluted Shares Outstanding 0.98
Cost of Debt
Tax Rate -153.96
After-tax Cost of Debt 6.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.424
Total Debt 482.51
Total Equity 13.91
Total Capital 496.42
Debt Weighting 97.20
Equity Weighting 2.80
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 65.7163.166161.3176.6580.1483.7987.6091.5995.77
EBITDA 38.2537.3835.2534.9541.6745.9348.0250.2152.4954.88
EBIT 11.8517.3218.4220.1424.2122.4523.4824.5425.6626.83
Tax Rate -19.30%-0.18%5,608.01%-0.02%-153.96%1,086.91%1,086.91%1,086.91%1,086.91%1,086.91%
EBIAT 14.1417.35-1,014.4120.1561.47-221.59-231.68-242.24-253.27-264.81
Depreciation 26.4020.0616.8314.8117.4623.4724.5425.6626.8328.05
Accounts Receivable -3.63-2.25-0.08-4.311.57-0.55-0.57-0.60-0.62
Inventories --55.3546.37-69.2269.22-27.67-1.26-1.32-1.38-1.44
Accounts Payable --2.521.67-0.177.34-3.340.690.720.750.78
Capital Expenditure -5.57-2.71-2.27-6.41-8.51-6.10-6.38-6.67-6.97-7.29
UFCF 34.97-19.54-954.05-40.93142.68-233.66-214.64-224.41-234.64-245.33
WACC
PV UFCF -219.58-189.56-186.25-183.01-179.82
SUM PV UFCF -958.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.41
Free cash flow (t + 1) -250.23
Terminal Value -5,674.19
Present Value of Terminal Value -4,159.03

Intrinsic Value

Enterprise Value -5,117.24
Net Debt 454.02
Equity Value -5,571.25
Shares Outstanding 0.98
Equity Value Per Share -5,707.84